Why More Renters Are Staying in the Same Home for 5+ Years

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Renter behavior is shifting, and the numbers prove it: According to Redfin, one-third of U.S. renters have stayed in the same home for five years or longer—a 5% increase from a decade ago. 

With mortgage payments nearly tripling in 10 years, renter tenure is higher than ever, especially among older generations. 

Redfin’s recent analysis of 2023 renter tenure data from the U.S. Census Bureau sheds light on this trend and the factors driving it. From rising mortgage payments to generational differences, here’s what the data reveals about how long renters are staying in their homes—and why.

Renter Tenure Is Growing Across the U.S.

Renters are moving less often than they did a decade ago. Here’s how the numbers break down:

• 33.6% of U.S. renters have lived in the same home for at least five years, up from 28.4% in 2013.
• 17% of renters stayed in their homes for 5–9 years in 2023 (up from 14.4% in 2013).
• 16.6% of renters lived in the same home for 10+ years, compared to 13.9% a decade ago.

While the majority of renters (66.4%) still move within five years, those numbers are shifting:

• 25.6% moved within 12 months.

40.8% moved between 1–4 years.

• Why Are Renters Staying Put Longer?

 

• A combination of economic factors and market dynamics is influencing renter behavior:

 

• High Homebuying Costs: Monthly mortgage payments have nearly tripled over the past decade, pushing many would-be buyers to remain renters.
• Flat Rent Growth: While rents spiked during the pandemic, they’ve stayed relatively flat over the past two years. For renters, staying put often means avoiding major rent increases.
• Moving Costs: High costs associated with moving or paying rental brokers—particularly in cities like New York—discourage frequent relocations.
• New Construction Boom: A record number of new apartments hitting the market has kept rent growth in check, setting 2025 up as a renter’s market.

 

• Generational Trends: Baby Boomers vs. Gen Z

 

• Renter tenure also varies significantly by age group:

 

• Baby Boomers:
  • 34.1% of baby boomers have lived in the same home for at least 10 years—the most of any generation.
  • 56% have stayed put for at least five years.
• Gen Z:
  • 52.4% of Gen Z renters lived in their homes for less than a year in 2023—the highest share among all generations.
  • Younger renters are more likely to move frequently for school, work, or to buy their first home.

 

• Metro-Level: Where Renters Stay the Longest (and Shortest)

 

• Renter tenure also varies widely across the 50 most populous U.S. metro areas. Here are the highlights:

 

• Metros Where Renters Move Most Often:

 

• Denver, CO: 38% of renters moved within 12 months in 2023—the highest share among the top 50 metros.
• Austin, TX: 37.8% moved within 12 months.
• Salt Lake City, UT: 36.9% moved within 12 months.

 

• Metros Where Renters Stay the Longest:

 

• New York, NY: 14.9% of renters moved within 12 months—the lowest share among the top 50 metros. Meanwhile, 32.6% stayed in the same home for 10+ years.
• Los Angeles, CA: 16.7% moved within 12 months, while 27.8% stayed in the same home for 10+ years.
• Riverside, CA: 18.9% moved within 12 months, while 20% stayed in the same home for 10+ years.

 Metros with the Fewest Long-Staying Renters (10+ years):

Austin, TX: Only 6% of renters stayed in the same home for 10+ years—the lowest share among the top 50 metros.
Raleigh, NC and Orlando, FL: 8.2%.
Jacksonville, FL and Denver, CO: 8.8%.
 

What This Means for Renters and the MarketAs rents remain relatively stable and homebuying costs continue to climb, renters are opting for longer stays in their current homes.  

This trend, combined with a surge in new apartment construction, is reshaping the rental market—setting the stage for 2025 as a year when more Americans may choose to rent (or keep renting) rather than buy a home.

 

For real estate professionals, these trends highlight opportunities to better understand and serve renters navigating a challenging housing market.

 

Key Details:  

• Redfin’s analysis of U.S. Census Bureau data reveals that 33.6% of renters have stayed in the same home for at least five years—up from 28.4% a decade ago. 
• Baby boomers lead the trend, with 56% staying put for five years or more, while over half of Gen Z renters moved within a year. 

 Posted by Sarah Lentz | Jan 4, 2025 | Housing Market
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